Oyo is said to have around 8,000 employees in China
A Softbank-backed hotel platform leads the way in Mingtiandi’s roundup of Asia real estate headlines today with a report that the Indian firm plans to cut 60 percent of its workforce in China.
In other news around the region, a Singapore conglomerate has acquired a half stake in a US senior housing firm, while a REIT composed of US assets aims for a S$547 million IPO. Meanwhile in Hong Kong, homeowners are resorting to steep discounts in order to offload their properties.
Oyo Cutting 60% of China Workforce
Indian hotel chain Oyo is planning to lay off 60 percent of its workforce in China as it struggles to contend with a number of setbacks, the most recent being the deadly COVID-19 virus which has immobilized the country for weeks.
The current novel coronavirus outbreak has weighed on the troubled hotel chain, which has seen widening losses as well as an increasing number of partner hotels exit and rising user complaints over the past year. Read more>>
Keppel Takes 50% Stake in US Senior Housing Firm
Keppel Corp said its subsidiary, Keppel Capital Senior Living, has completed the acquisition of a 50 percent stake in US senior housing operator Watermark Retirement Communities.
Keppel Corp first announced the transaction back in August 2018, which included the purchase of a 50 per cent stake in certain affiliates of WRC. Read more>>
United Hampshire US REIT Eyes S$547M Singapore IPO
United Hampshire US Real Estate Investment has announced that it has registered its proposed offering and listing of units of United Hampshire US REIT on the main board of Singapore Exchange Securities Trading Limited (SGX-ST), according to an announcement.
The firm expects to raise S$547 million ($395 million) from the offering. Read more>>
Homeowners Slash Prices in Virus-hit Hong Kong
Homeowners are dumping their properties in Hong Kong for as much as HK$11.6 million ($1.5 million) in losses to pack up their bags because of the city’s dire economic prospects, analysts said. More could be pressured to sell into a weak market to hasten their emigration plans.
At Valais in Sheung Shui, a 1,588 square foot (148 square metre) house changed hands at HK$21.3 million for a loss of HK$10 million in late January at the onset of the coronavirus outbreak, according to property agents who declined to be named because the transaction was private. Read more>>
Global Deals Stall as China Money Dries Up
Eric Marrus, a real estate broker at Compass in New York, walked through a $7.5 million townhouse in Manhattan’s Lenox Hill neighbourhood last week, pointing his phone into every corner of the property.
He was conducting a virtual tour via WhatsApp for a Chinese couple unable to visit the home together because of coronavirus travel restrictions. “Logistically, it’s a nightmare,” said Mr Marrus, who gets about a quarter of his business from China. Read more>>
Taiwanese Family Buys Aussie Hotel for A$28.7M
A hotel in the heart of Sydney’s Pyrmont Peninsula has been sold to a private Taiwanese family for A$28.7 million ($19 million).
Located at 131-133 Murray Street, the 100 per cent freehold property sits on a 280 square metre site, with a nine level building with 60 guest rooms and suites. Read more>>
Tee International Ex-CEO Borrowed Funds for Personal Use
Tee International has released its external investigator summary, which reported that former group chief executive Phua Chian Kin had admitted to taking company funds to repay his own debts and satisfy margin calls.
PricewaterhouseCoopers Risk Services, in a 13-page executive summary released by Tee on Tuesday, set out how remittances were made in and out of the company’s coffers under Mr Phua’s instructions. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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